Latest news with #Unicredit
Reuters
23-05-2025
- Business
- Reuters
Banco BPM says it will appeal against suspension of UniCredit bid
ROME, May 23 (Reuters) - The Chief Executive of Banco BPM said on Friday the bank will appeal to an administrative court against a decision by bourse regulator Consob to suspend a takeover bid by Unicredit. Giuseppe Castagna told daily Il Sole 24 Ore that the current stalemate was preventing Banco BPM from taking part in the intense M&A activity underway in Italy's banking sector.
Yahoo
15-05-2025
- Business
- Yahoo
Commerzbank reports profit surge as it fends off UniCredit bid
Germany's Commerzbank posted better-than-expected results for the first three months of 2025. Instead of the anticipated declining net income, the bank's net result increased by 12% to €834 million. The lender's revenues increased by 12% to €3.1 billion, while net interest income was slightly less than a year ago, standing at €2.07bn at the end of the first quarter of 2025. Meanwhile, the net commission income, driven by a strong securities business, grew by 6% to €1bn in the same period. 'We achieved the highest quarterly profit since 2011, demonstrating that we can grow even in economically challenging times,' Commerzbank CEO Bettina Orlopp said. 'We are progressing with the implementation of our strategy 'Momentum'. We plan to return more capital to our shareholders in the coming years.' Commerzbank completed a share buyback programme of €1bn starting from November 2024, and it also proposes to pay a dividend of €0.65 per share, which will be decided at the Annual General Meeting on 15 May 2025. The better-than-expected results are coming at a time when the German bank is making efforts to fend off Italian banking group Unicredit's takeover advances. Related Commerzbank to cut jobs and boost profits in bid to fend off UniCredit Italy's UniCredit beats profit estimate as it continues takeover drive Unicredit has recently acquired a large stake in Commerzbank, raising its stake to 29.9%, just short of the 30% threshold at which Unicredit is required to make a public offer for the entire bank. In February, Commerzbank announced cost-cutting measures, including job cuts of about 10% of the bank's workforce, to fend off any takeover bid by the Italian bank. The German lender's employee representatives are also organising a protest against a possible takeover, scheduled just hours before Commerzbank's annual general meeting on 15 May. The German bank said that this year it expects a higher net result of around €2.4bn for the full year, after restructuring expenses. The bank set aside €40m for restructuring expenses in the first quarter, for an early partial retirement programme, which the bank will offer later this year. It is part of the job reductions, the lender is currently negotiating with the employee representative committees. Furthermore, to preserve profitability, Commerzbank reduces its dependence on net interest income –the difference between what it earns from loans and pays for deposits–as interest rates fall. The return on tangible equity improved to 11.1% from last year's 10.5% in the first quarter, which is seasonally strong. 'We are on track to reach our full-year target of around 9.6%,' Commerzbank CFO Carsten Schmitt said. 'At the same time, we are reducing our dependency on net interest income. We confirm our outlook for 2025.'
Yahoo
13-05-2025
- Business
- Yahoo
Commerzbank reports profit surge as it fends off UniCredit bid
Germany's Commerzbank posted better-than-expected results for the first three months of 2025. Instead of the anticipated declining net income, the bank's net result increased by 12% to €834 million. The lender's revenues increased by 12% to €3.1 billion, while net interest income was slightly less than a year ago, standing at €2.07bn at the end of the first quarter of 2025. Meanwhile, the net commission income, driven by a strong securities business, grew by 6% to €1bn in the same period. 'We achieved the highest quarterly profit since 2011, demonstrating that we can grow even in economically challenging times,' Commerzbank CEO Bettina Orlopp said. 'We are progressing with the implementation of our strategy 'Momentum'. We plan to return more capital to our shareholders in the coming years.' Commerzbank completed a share buyback programme of €1bn starting from November 2024, and it also proposes to pay a dividend of €0.65 per share, which will be decided at the Annual General Meeting on 15 May 2025. The better-than-expected results are coming at a time when the German bank is making efforts to fend off Italian banking group Unicredit's takeover advances. Related Commerzbank to cut jobs and boost profits in bid to fend off UniCredit Italy's UniCredit beats profit estimate as it continues takeover drive Unicredit has recently acquired a large stake in Commerzbank, raising its stake to 29.9%, just short of the 30% threshold at which Unicredit is required to make a public offer for the entire bank. In February, Commerzbank announced cost-cutting measures, including job cuts of about 10% of the bank's workforce, to fend off any takeover bid by the Italian bank. The German lender's employee representatives are also organising a protest against a possible takeover, scheduled just hours before Commerzbank's annual general meeting on 15 May. The German bank said that this year it expects a higher net result of around €2.4bn for the full year, after restructuring expenses. The bank set aside €40m for restructuring expenses in the first quarter, for an early partial retirement programme, which the bank will offer later this year. It is part of the job reductions, the lender is currently negotiating with the employee representative committees. Furthermore, to preserve profitability, Commerzbank reduces its dependence on net interest income –the difference between what it earns from loans and pays for deposits–as interest rates fall. The return on tangible equity improved to 11.1% from last year's 10.5% in the first quarter, which is seasonally strong. 'We are on track to reach our full-year target of around 9.6%,' Commerzbank CFO Carsten Schmitt said. 'At the same time, we are reducing our dependency on net interest income. We confirm our outlook for 2025.' Sign in to access your portfolio
CNBC
12-05-2025
- Business
- CNBC
European stocks set to follow global markets higher, buoyed by U.S.-China trade deal
European markets are expected to start the new trading week on a positive note following the White House's announcement that it had reached a "trade deal" with China, despite few details being known about the agreement. The U.K.'s FTSE 100 index is expected to open 35 points higher at 8,586, Germany's DAX up 192 points at 23,688, France's CAC 70 points higher at 7,785 and Italy's FTSE MIB 366 points higher at 39,139, according to data from IG. It's a quiet data for corporate and data releases although Unicredit releases its latest earnings on Monday. European markets are set to follow their global counterparts higher on Monday after the Trump administration announced a "trade deal" with China following negotiations over the weekend in Switzerland. — CNBC's Amala Balakrishner contributed reporting to this market summary Bitcoin slid on Monday, but continued to hold steady above the $100,000 threshold. The cryptocurrency was down 0.42% to $103,859.94 as of 11.39 a.m. Singapore time. The latest move is a reversal from its fast gains in the last week, which pushed investors to forecast that it will soon hit its which happened at the end of January. Stock chart icon Bitcoin prices Spot gold plunged Monday as investors cheered early signs of progress in trade talks between the U.S. and China. As at 9.20 a.m. Singapore time, the bullion was trading 1.85% lower at $3,262.29 per ounce. Stock chart icon Spot gold The latest moves in the precious metal — which is a traditional hedge against political and financial instability — is a reversal from the 2.6% gain it notched the week before as investors sought refuge in it. — Amala Balakrishner European markets are expected to start the new trading week on a positive note. The U.K.'s FTSE 100 index is expected to open 35 points higher at 8,586, Germany's DAX up 192 points at 23,688, France's CAC 70 points higher at 7,785 and Italy's FTSE MIB 366 points higher at 39,139, according to data from IG. Earnings come from Unicredit on Monday. — Holly Ellyatt
Yahoo
09-05-2025
- Business
- Yahoo
Commerzbank reports profit surge as it fends off UniCredit bid
Germany's Commerzbank posted better-than-expected results for the first three months of 2025. Instead of the anticipated declining net income, the bank's net result increased by 12% to €834 million. The lender's revenues increased by 12% to €3.1 billion, while net interest income was slightly less than a year ago, standing at €2.07bn at the end of the first quarter of 2025. Meanwhile, the net commission income, driven by a strong securities business, grew by 6% to €1bn in the same period. 'We achieved the highest quarterly profit since 2011, demonstrating that we can grow even in economically challenging times,' Commerzbank CEO Bettina Orlopp said. 'We are progressing with the implementation of our strategy 'Momentum'. We plan to return more capital to our shareholders in the coming years.' Commerzbank completed a share buyback programme of €1bn starting from November 2024, and it also proposes to pay a dividend of €0.65 per share, which will be decided at the Annual General Meeting on 15 May 2025. The better-than-expected results are coming at a time when the German bank is making efforts to fend off Italian banking group Unicredit's takeover advances. Related Commerzbank to cut jobs and boost profits in bid to fend off UniCredit Italy's UniCredit beats profit estimate as it continues takeover drive Unicredit has recently acquired a large stake in Commerzbank, raising its stake to 29.9%, just short of the 30% threshold at which Unicredit is required to make a public offer for the entire bank. In February, Commerzbank announced cost-cutting measures, including job cuts of about 10% of the bank's workforce, to fend off any takeover bid by the Italian bank. The German lender's employee representatives are also organising a protest against a possible takeover, scheduled just hours before Commerzbank's annual general meeting on 15 May. The German bank said that this year it expects a higher net result of around €2.4bn for the full year, after restructuring expenses. The bank set aside €40m for restructuring expenses in the first quarter, for an early partial retirement programme, which the bank will offer later this year. It is part of the job reductions, the lender is currently negotiating with the employee representative committees. Furthermore, to preserve profitability, Commerzbank reduces its dependence on net interest income –the difference between what it earns from loans and pays for deposits–as interest rates fall. The return on tangible equity improved to 11.1% from last year's 10.5% in the first quarter, which is seasonally strong. 'We are on track to reach our full-year target of around 9.6%,' Commerzbank CFO Carsten Schmitt said. 'At the same time, we are reducing our dependency on net interest income. We confirm our outlook for 2025.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
